Friday
Jun252010
Joint Committee Passes Wall Street Reform Bill
Friday, June 25, 2010 at 1:50PM
By Rob Sanna-Talk Radio News
A House-Senate conference committee approved the final version of the Wall Street Reform bill around 5:39 this morning.
“This is a tremendous day,” Sen. Chris Dodd (D-Conn.), who chairs the Senate Banking Committee, said in a statement afterwards. “After great debate, we have produced a strong Wall Street reform bill that will fundamentally change the way our financial services sector is regulated."
The bill includes language that will allow the government to break up firms that are large enough to disrupt the economy, limit derivative trading and force banks to only give mortgages if they are certain the borrower can afford to pay it pack. It will also establish an independent office to protect consumers.
The bill will be brought to the House and the Senate for a final vote and, if passed, will go to the President for his signature.
A House-Senate conference committee approved the final version of the Wall Street Reform bill around 5:39 this morning.
“This is a tremendous day,” Sen. Chris Dodd (D-Conn.), who chairs the Senate Banking Committee, said in a statement afterwards. “After great debate, we have produced a strong Wall Street reform bill that will fundamentally change the way our financial services sector is regulated."
The bill includes language that will allow the government to break up firms that are large enough to disrupt the economy, limit derivative trading and force banks to only give mortgages if they are certain the borrower can afford to pay it pack. It will also establish an independent office to protect consumers.
The bill will be brought to the House and the Senate for a final vote and, if passed, will go to the President for his signature.
Reader Comments (1)
Too little too late. The blind leading the blind. Closing the barn door after the horse is gone. I'm out of clichés. We never get it right because it's always different. Congress is powerless to stop it because they are part of the problem. Just take your money out of Wall Street and put it under your matt rise.